Question 1: Calculate the financial charges for the following credit card account daily balances:

$900 during 5 days

$1,200 during 10 days

$500 during 7 days

$790 during 8 days

The financial charges are calculated based on the ADB including new purchases. The credit card APR is 18%. After calculating the financial charges, what would be the annual effective rate if there was a $20 late payment fee added to the same monthly cycle? The intent here is to calculate what is the monthly periodic interest rate and project the annual rate. Assume the month has 30 days and the year has 365 days.